EUR/JPY Technical Analysis – Prices broke lower as expected after putting in a Bearish Engulfing candlestick pattern. Prices are testing support at 129.76, the 38.2% Fibonacci retracement, with a push beneath that targeting the 50% mark at 128.84. Near-term resistance is at 130.90, the 23.6% Fib. A reversal above that eyes a rising trend line at 132.04.
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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